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Calgary MLS® Sales Buck National Trend

Posted by Jim Sparrow on Thursday, November 1st, 2012 at 1:03pm.

Calgary MLS® System Sales: October 2012

The Calgary real estate market continues bucking the national trend. While other major Canadian markets continue to see both their prices & number of sales drop, the October MLS® System sales & prices in Calgary rose significantly from the same month last year.

Combined metro Calgary sales for October were 1,666, up 23.1% from 2011 and 18.3% higher than the five year average*.

*Metro Calgary sales refers to residential real estate within the city limits of Calgary, and does not include rural properties or real estate from smaller towns surrounding the greater Calgary area. Combined sales include both homes (houses), townhouses & apartment-style condos. Vacant lots, parking stalls and timeshares are not included in the combined metro sales totals.

Calgary Home Prices Rise

There were 1,175 Calgary home (house) sales last month, up 19.3% from last October and 18.7% higher than the 5 year average. Both the average and the median sale price for Calgary homes set new records for the month:

  • Average home price = $492,754 (8.2% increase from last year, 9.1% higher than 5 year average)
  • Median home price = $430,000 (8.9% increase from last year, 8.5% higher than 5 year average) 

Sale Price - Calgary Homes October

Calgary Condo Sales

There were 491 Calgary condo sold in October, 33.4% higher than last October and 17% higher than the 5 year average. Both the average and median sale price for Calgary condos were higher than last year:

  • Average condo price = $304,004 (7.5% increase from last year, 5.8% higher than 5 year average)
  • Median condo price = $270,000 (3.2% increase from last year, 3.0% higher than 5 year average) 

Condo Sale Price - Calgary October

Calgary Listing Inventory

There were 3,114 single family (home) listings on the Calgary MLS® System November 1st, 29.1% fewer than same time last year. This represents 2.7 MOI (months of inventory) at the current rate of monthly home sales (vs. 4.5 MOI October 2011).

There were 1,491 condo listings on the Calgary MLS® System November 1st, 22.4% fewer than same time last year. This represents 3.0 MOI (months of inventory) at the current rate of monthly condo sales (vs. 5.2 MOI October 2011).

Calgary Market Outlook

While global economics make it difficult to accurately predict what any real estate market will do, the stability of the Calgary economy has been heralded for some time and is one of the main reasons demand for housing is on the rise. Employment opportunities, confidence in the market and affordability all point to the Calgary market being poised for steady increase in both sales and price appreciation for the next two or three years. With its vast oil and natural gas wealth, Alberta has become the economic engine of Canada, and Calgary is where most of the majors players have head offices:

CIBC is forecasting Alberta to lead Canada in economic growth for the next decade. "Natural resource wealth is synonomous with economic and fiscal success".

Calgary ranked top real estate investment market in Canada, Edmonton ranked second

Calgary & Edmonton displace Vancouver & Toronto as top Canadian real estate markets 

Calgary's millionaires are among Canada's richest, a magnet for luxury retailers

Calgary MLS® System Sales Stats: October 2012

Calgary Real Estate Board (CREB) stats for October 2012

If you're looking to sell or buy, do not hesitate to contact us.

We are prepared to work hard ensuring that your needs are met and that the result is more than you were hoping for. Nothing gives us more pleasure than your success and being with you through major life changes.

1 Response to "Calgary MLS® Sales Buck National Trend"

Liz wrote: I now know where I want to live if I ever decide to move to Canada! What great numbers you have displayed for us - as well as great graphs to show the visual side of everything. It is such great news to see that housing demands are back in full force and the condo and home prices are both rising! It is a great way to stand out from other realtors - showing that you are all ahead of the game with the increase of numbers. Congrats!

Posted on Monday, November 26th, 2012 at 1:58pm.

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